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It includes the behavior of the firm expected by the society but not codified by law. Identify the category of social responsibility referred here.
- a)All the abov
- b)Ethical Responsibility
- c)Legal Responsibility
- d)Economic Responsibility
Correct answer is option 'B'. Can you explain this answer?
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It includes the behavior of the firm expected by the society but not c...
Understanding Ethical Responsibility
Ethical responsibility pertains to the expectations society has regarding a firm's behavior that goes beyond legal requirements. This category emphasizes moral principles and values that guide corporate actions.
Characteristics of Ethical Responsibility
- Social Expectations: Ethical responsibilities are shaped by societal norms and values. Firms are expected to act in a manner that reflects these ideals, even if not mandated by law.
- Voluntary Actions: Unlike legal responsibilities, which are enforced by legislation, ethical responsibilities are voluntary. Companies choose to adhere to ethical standards to gain public trust and enhance their reputation.
- Stakeholder Consideration: Ethical responsibilities involve considering the interests of various stakeholders, including employees, customers, and the community. Firms are encouraged to act in ways that promote fairness and equity.
Examples of Ethical Responsibility
- Sustainable Practices: Implementing environmentally friendly practices even if not legally required.
- Fair Labor Practices: Ensuring fair wages and working conditions for employees, transcending mere compliance with labor laws.
- Transparency: Being honest in communications and business practices, fostering trust with stakeholders.
Conclusion
In summary, ethical responsibility is a vital aspect of corporate social responsibility that reflects a firm's commitment to doing what is right, even when not legally obligated. This approach not only builds credibility but also contributes positively to society, ultimately benefiting the firm in the long run.
Ethical responsibility pertains to the expectations society has regarding a firm's behavior that goes beyond legal requirements. This category emphasizes moral principles and values that guide corporate actions.
Characteristics of Ethical Responsibility
- Social Expectations: Ethical responsibilities are shaped by societal norms and values. Firms are expected to act in a manner that reflects these ideals, even if not mandated by law.
- Voluntary Actions: Unlike legal responsibilities, which are enforced by legislation, ethical responsibilities are voluntary. Companies choose to adhere to ethical standards to gain public trust and enhance their reputation.
- Stakeholder Consideration: Ethical responsibilities involve considering the interests of various stakeholders, including employees, customers, and the community. Firms are encouraged to act in ways that promote fairness and equity.
Examples of Ethical Responsibility
- Sustainable Practices: Implementing environmentally friendly practices even if not legally required.
- Fair Labor Practices: Ensuring fair wages and working conditions for employees, transcending mere compliance with labor laws.
- Transparency: Being honest in communications and business practices, fostering trust with stakeholders.
Conclusion
In summary, ethical responsibility is a vital aspect of corporate social responsibility that reflects a firm's commitment to doing what is right, even when not legally obligated. This approach not only builds credibility but also contributes positively to society, ultimately benefiting the firm in the long run.
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It includes the behavior of the firm expected by the society but not c...
Ethical ResponsibilitiesAlthough economic and lega
l responsibilities embody ethical norms about fairness and justice, ethical responsibilities
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It includes the behavior of the firm expected by the society but not codified by law. Identify the category of social responsibility referred here.a)All the abovb)Ethical Responsibilityc)Legal Responsibilityd)Economic ResponsibilityCorrect answer is option 'B'. Can you explain this answer?
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